Page 27 - CityofSaginawFY25Budget

CITY OF SAGINAW

BUDGET HIGHLIGHTS

2024-2025

The following is a brief overview of the proposed 2024-2025 budget:

GENERAL FUND

• The City of Saginaw continues to see growth in the estimated net taxable value due to continued growth and an
overall increase in property values. The July 2024 certified net taxable value has increased by 4.84% over the July 2023
certified net taxable value. These values are determined and certified by the Tarrant Appraisal District (TAD).

• The adopted budget is prepared based on a tax rate that is equal to the de minimis rate of 49.3747 cents.

• Saginaw’s population has grown from 19,806 in 2010 to 24,860 per the 2020 census. The North Central Texas Council
of Governments estimates the 2024 population to be 25,223.

• The July certified estimated net taxable value from TAD is $3,112,559,833, and is an increase of $143,579,013 over
last year’s July estimated net taxable value of $2,968,980,820. Tarrant Appraisal District estimates a total of
$30,041,510 in added value from new construction ($23,857,480 in residential and $6,184,030 in commercial). New
construction for 2023-2024 was valued at $34,283,771.

• This adopted budget is based on a tax rate of 0.493747 which is 0.005022 cents lower than last year’s rate of .498769.
The adopted tax rate is equal to the de minimis tax rate as calculated by the Texas State Comptroller’s 2024 Tax Rate
Calculation Worksheet. The No New Revenue Tax Rate is .490414 and the Voter-Approval Tax Rate is .481669.

TAX DEBT M&O SALESTAX
YEAR RATE RATE ADJUSTMENT TOTAL AVG. TAX
2023 .234810 .263959 (.084281) .498769 $1,240.56
2024 .218417 .275330 (.087788) .493747 $1,276.91

DIFFERENCE OVER (UNDER) LAST YEAR (.005022) $36.35

• The average taxable single family home value in 2023 was $248,725. The average taxable single family home value in
2024 is estimated to be $258,617, an increase of 3.98%. The average homeowner’s city taxes will increase annually by
$36.35 from $1,240.56 to $1,276.91 or $3.03 per month. For $106 per month, the average citizen of Saginaw receives
police protection, fire protection, public services, parks, recreation, library services, animal services, and code
enforcement and inspection.

• There is a decrease in the debt portion of the tax rate due to increased values and a decrease in required debt service
for previously issued bonds.

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